Word: cullman
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...unexpected about-face, the tobacco industry last week moved toward a nearly unconditional surrender in the heated battle over cigarette advertising. Speaking for the nine U.S. cigarette manufacturers, Philip Morris Chairman Joseph Cullman III told the Senate Consumer Subcommittee that the industry was prepared to end all advertising on TV and radio on Dec. 31, if the broadcasters would go along, and in any case by September 1970, when current contracts expire...
Unhappy Broadcasters. Cullman's capitulation caught broadcasters by surprise. They had proposed to phase out cigarette ads over a three-year period beginning in January 1970. Such ads mean some $225 million a year to media broadcasters, and they had hoped that their schedule would ease the economic jolt. When the tobaccomen made their proposal, they asked for protection against antitrust action. They were concerned that broadcasters might sue for treble damages on grounds that the cigarette companies acted in collusion. The possibility may not be so remote. The National Association of Broadcasters is determined to fight any antitrust...
Both the FTC and the FCC also urge that this warning be appended to all cigarette advertisements and commercials. This week Joseph L. Cullman III, chairman of Philip Morris Inc., will testify for the nine companies that make U.S. cigarettes. He plans to say that, should the mandatory warnings be extended to all ads, the industry will abandon advertising entirely...
...Hugh Cullman, Executive Vice President, Philip Morris...
Shades of Buck. The battle began after Imperial Tobacco, leader of the industry, decided to sell most of its 36.75% interest in Gallaher to get money for diversification. Philip Morris quickly moved in. Chairman Joseph Cullman III slapped down $110,400,000 for 50% of Gallaher's stock. Cullman's offer had two effects. Gallaher's board of directors stiff-upper-lipped it as "quite inadequate." And a major Gallaher shareholder that up to now had been satisfied with the status quo was shaken into action. American Tobacco has been a part of the market ever since...